Here’s Paul Ashworth of Capital Economics, explaining how weak consumption dragged the American economy back down in the last three months:

The slowdown in the first quarter this year was principally due to a near-stagnation in consumption, which increased by only 0.3% annualised.

Household spending was held down by a drop back in motor vehicle sales from a near-record high at the end of last year and the unseasonably warm winter weather, which depressed utilities spending. But consumer confidence is unusually high and real personal disposable income increased at a 4% annualised pace in the first quarter. Consumption growth will rebound in the second quarter.

But I don’t think you can really blame the new president for the slowdown in Q1 (especially if you’re also criticising him for not getting much done in his first 100 days). The consequences of Trump’s presidency will only emerge over many months and years.

We haven’t yet had the expected fiscal stimulus from Trump, the effects of which may not be seen until the end of this year or the start of 2018.

While investors might be disappointed with the reading, it has been a steady start to the year with inflation looking benign, a resilient jobs market and positive PMI data, all likely to boost returns for investors.”

Macro-economic strategist George Pearkes concurs:

George Pearkes (@pearkes)

If you're blaming Q1 GDP on Trump you're not only economically illiterate but further blinded by your politics.

The U.S. economy turned in the weakest performance in three years in the January-March quarter as consumers sharply slowed their spending. The result repeats a pattern that has characterized the recovery: lackluster beginnings to the year.

The Commerce Department says the gross domestic product, the total output of goods and services, grew by just 0.7% in the first quarter following a gain of 2.1% in the fourth quarter.

The slowdown primarily reflected slower consumer spending, which grew by just 0.3 percent. That was the poorest showing in more than seven years. Analysts blame in part the unusually warm winter, which meant less spending on utility bills.

Economists believe the slowdown will be temporary. They forecast GDP growth will rebound to 3% or better in the current quarter.

Sam Tombs of Pantheon Economics says the consumer-driven slowdown has begun, as incomes are hit by slowing employment and wage growth as well as rising inflation.

One quarter of slow growth is not definitive proof that the economy is on the ropes. But the pressure on consumers’ incomes looks set to build this year as retailers pass on higher import prices; we still expect CPI inflation to exceed 3% in the second half of this year.

The looming shadow of Brexit means the UK economy is unlikely to accelerate over the next couple of years, warns Morgan Stanley economist Melanie Baker.

She writes:

We expect this slower quarterly pace of growth to persist in 2017, reflecting our assumption that higher inflation will dampen real consumer spending growth and an assumption of subdued business investment as Brexit approaches

As this chart shows, Morgan Stanley predict growth could inch up to 0.4% in April to June, but then dipping back to around 0.3%: